BP sells 5% stake in Australian LNG project to GS Energy
British energy giant BP has agreed to sell a 5% stake in its Browse liquefied natural gas (LNG) project in Western Australia to South Korea's GS Energy.
The transaction is part of BP's ongoing strategy to streamline its global assets and optimize capital allocation. In an emailed statement on Monday, June 1, the company noted that the stake dilution reflects its disciplined approach to portfolio management by bringing in a committed partner to share the development of the massive gas resource, News.Az reports, citing Reuters.
Located in the offshore Browse Basin, the Browse LNG project is one of Australia's largest untapped gas fields and is operated by Woodside Energy. The entry of GS Energy, a major South Korean energy conglomerate, introduces a key regional partner with a long-term interest in securing stable LNG supplies for the Asian market.
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Financial details of the transaction were not immediately disclosed by either company.
By Aysel Mammadzada
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